Tue, 10 Feb 2026

Tue, 10 Feb 2026 BP steps up cost cutting as profits slide

The oil giant also suspends its share buyback programme ahead of the arrival of its new boss.

* BP's annual profits fell by $1.4bn to $7.5bn, a 20% decrease due to lower oil prices.
* The company has increased its target for cost cutting to $5.5-6.5bn by 2027, up from $5bn previously.
* BP is suspending its share buyback programme and cutting spending as it seeks to strengthen its finances and reduce debt of around $22bn.
* The new boss, Meg O'Neill, will take over in April and is expected to continue the company's focus on oil and gas operations.
* The decision has been criticized by some groups, including a group of pension funds that have filed a resolution for BP's annual general meeting to ask whether more spending on upstream operations will provide the best returns for shareholders.
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